Ex-Xerox chief gave up $18M severance

Ex-Xerox chief gave up $18M severance

Ex-Xerox ( CEO Jeffrey Jacobson surrendered a $18M brilliant parachute when he surrendered under strain from Carl Icahn, the New York Post says.

Jacobson's May 13 acquiescence hindered a terminating, in which he'd have the capacity to request a two-year severance bundle worth that sum.

Be that as it may, the abdication got him insusceptibility from common claims over the organization's $6.1B manage Fujifilm, which Icahn and speculator Darwin Deason contradicted.

Sources said Jacobson gave up the cushy exit in exchange for Icahn and Xerox agreeing to give him immunity from civil lawsuits over the Fujifilm deal.

Icahn and Deason had sued Xerox in New York State Supreme Court to stop the merger, and Judge Barry Ostrager on April 27 granted a preliminary injunction temporarily blocking the merger, ruling there was probable cause for Xerox shareholders to sue Jacobson for “bad faith.”

“The facts … clearly show Jacobson, having been told … that the board was seeking a new CEO to replace him, was hopelessly conflicted during his negotiation of a strategic transaction that resulted in a combined entity in which he would be CEO,” the judge ruled.